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Japan's Nikkei index at 29-year high after US election
Japan's benchmark Nikkei 225 index hit a 29-year high on Friday, reflecting a relaxed reaction across Asia to the emerging outcome of the U.S. election, with Joe Biden strongly favored to win the presidency in spite of President Donald Trump's accusations of fraud during a press conference in the morning.
The Nikkei opened the session lower but quickly swung to positive territory, temporarily hitting its highest level since November 1991. Other Asian markets have been buoyed as a Biden win has appeared within reach. South Korea's stock market moved cautiously on Friday after rallying the previous day on expectations that Biden was close to a win. The benchmark Kospi index rose 0.15% after jumping 2.4% on Thursday. Samsung Electronics lost 0.66% on Friday morning, a slight setback after rising 3.08% on Thursday. SK Hynix is up 0.12%, after jumping 3.49%.
Hanwha Solutions, which produces solar energy panels, is up 0.63% in the morning as it soared 12.3% in the previous day on hopes that Biden would push a green energy policy. The Philippine Stock Exchange index opened 0.62% higher but quickly pared gains as trading ensued. China's CSI 300 Index, which represents the biggest stocks listed in Shanghai and Shenzhen, nudged up 0.2% on Friday and is up 2.5% so far this week. The index was driven by gains for consumer durables maker Midea Group, Ping An Insurance and spirits maker Kweichow Moutai. Hong Kong's benchmark Hang Seng Index nudged up 0.1% with gains for financials such as Ping An Insurance, AIA and smartphone maker Xiaomi offsetting losses in the technology sector. The index surged 3.25% on Thursday, its biggest single-day gain since July with traders attributing the gains to billions earmarked for the abruptly cancelled Ant Group initial public offering seeking other investments.
In Japan, the Nikkei's gains which still leave it well short of all-time highs came despite a stronger Japanese yen against the U.S. dollar, which squeezes margins of export-driven companies. Shares of Toyota Motor rose more than 1% ahead of the release of second quarter earnings results on Friday amid hopes of a recovery in demand in the U.S. and China.
Gold, which is limited in supply and seen as a hedge against inflation in an era of ultra-loose monetary and fiscal policies, eased slightly to $1,942 per ounce after jumping over 2% overnight. Oil prices were sluggish after a bout of profit-taking in early trade. Brent crude was down 1.73% at $40.22 a barrel. Even gold, a traditional safe-haven asset, rallied overnight as investors looked forward to the conclusion of the U.S. election as a precursor to more fiscal stimulus in the world’s largest economy.
https://asia.nikkei.com/Business/Markets/Japan-s-Nikkei-index-at-29-year-high-after-US-election
https://www.marketwatch.com/tools/marketsummary?region=asia
https://www.marketwatch.com/investing/index/dxy
https://www.bloomberg.com/markets/stocks/futures
https://www.kitco.com/charts/livegold.html
Some LOVE11 in the air west of Spokane
RUDY30 US Navy Osprey went up to Moffett Field (Google leases a portion of this land now) and back to NI
enjoyable bread baker, goodnight